NCR Voyix Corp (VYX) 2021 Q3 法說會逐字稿

Good day, and welcome to the NCR Corporation Third Quarter Fiscal Year 2021 Earnings Conference Call.

美好的一天，歡迎參加 NCR 公司 2021 財年第三季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Mr. Michael Nelson, Treasurer and Vice President of Investor Relations.

在這個時候，我想把會議轉交給財務主管兼投資者關係副總裁邁克爾尼爾森先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining our third quarter 2021 earnings call.

下午好，感謝您參加我們的 2021 年第三季度財報電話會議。

Joining me on the call today are Mike Hayford, CEO; Owen Sullivan, President and COO; and Tim Oliver, CFO.

今天和我一起參加電話會議的是首席執行官 Mike Hayford；歐文沙利文，總裁兼首席運營官；和首席財務官蒂姆奧利弗。

Before we get started, let me remind you that our presentation and discussions will include forward-looking statements.

在開始之前，讓我提醒您，我們的演示和討論將包括前瞻性陳述。

These statements reflect our current expectations and beliefs, but they're subject to risks and uncertainties that could cause actual results to differ materially from those expectations.

這些陳述反映了我們當前的期望和信念，但它們受到風險和不確定性的影響，可能導致實際結果與這些期望存在重大差異。

These risks and uncertainties are described in our earnings release and our periodic filings with the SEC, including our annual report.

這些風險和不確定性在我們的收益發布和我們定期向美國證券交易委員會提交的文件中進行了描述，包括我們的年度報告。

On today's call, we'll also be discussing certain non-GAAP financial measures.

在今天的電話會議上，我們還將討論某些非公認會計準則財務指標。

These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials, the press release dated October 26, 2021, and on the Investor Relations page of our website.

這些非 GAAP 措施在演示材料、2021 年 10 月 26 日的新聞稿以及我們網站的投資者關係頁面上進行了描述並與其 GAAP 對應措施進行了核對。

A replay of this call will be available later today on our website, ncr.com.

今天晚些時候將在我們的網站 ncr.com 上重播這次電話會議。

With that, I would now like to turn the call over to Mike.

有了這個，我現在想把電話轉給邁克。

Thanks, Michael.

謝謝，邁克爾。

And as always, a great job with the intro to our third quarter call.

和往常一樣，我們第三季度電話會議的介紹做得很好。

And thank you, everyone, for joining us today for our third quarter 2021 earnings call.

感謝大家今天加入我們的 2021 年第三季度財報電話會議。

I will begin with some of my views on the business, including an update on our move to NCR becoming a software platform and payments company, with a shift to recurring revenue streams and a focus on improving profit margin.

我將從我對業務的一些看法開始，包括我們向 NCR 轉變為軟件平台和支付公司的最新情況，轉向經常性收入流並專注於提高利潤率。

Tim will then review our financial performance and an outlook into the remainder of 2021.

蒂姆隨後將審查我們的財務業績和對 2021 年剩餘時間的展望。

And then Owen, Tim and I will take your questions.

然後歐文、蒂姆和我會回答你的問題。

Let's begin on Slide 4 with some highlights from the third quarter.

讓我們從幻燈片 4 開始，介紹第三季度的一些亮點。

NCR delivered strong performance that included accelerated recurring revenue growth, significant margin expansion and solid cash flow production.

NCR 實現了強勁的業績，包括加速的經常性收入增長、顯著的利潤率擴張和穩健的現金流生產。

The team executed very well both strategically and tactically.

球隊在戰略和戰術上都表現得非常出色。

Strategically improving our mix of software and services, investing in our platform products and at the same time continuing to build momentum in our NCR-as-a-Service strategy, while continuing to focus on meeting customer needs in the challenging supply chain environment that we experienced in the third quarter.

戰略性地改進我們的軟件和服務組合，投資於我們的平台產品，同時繼續在我們的 NCR 即服務戰略中建立動力，同時繼續專注於在我們充滿挑戰的供應鏈環境中滿足客戶需求經歷了第三季度。

First, we delivered 20% total revenue growth and 39% recurring revenue growth in the third quarter.

首先，我們在第三季度實現了 20% 的總收入增長和 39% 的經常性收入增長。

Recurring revenue represented 62% of total revenues in the quarter which is a significant increase from 53% 1 year ago.

經常性收入佔本季度總收入的 62%，比一年前的 53% 有了顯著增長。

We continue to make steady progress increasing our recurring revenue, which is consistent with our 80/60/20 goals.

我們繼續穩步增加經常性收入，這與我們的 80/60/20 目標一致。

As you know, the third quarter was the first full quarter of incorporating Cardtronics in our financial results as we closed on the transaction in late June and received the final regulatory approval on August 10 from the CMA in the U.K.

如您所知，第三季度是將 Cardtronics 納入我們財務業績的第一個完整季度，因為我們在 6 月底完成了交易，並於 8 月 10 日獲得了英國 CMA 的最終監管批准。

Second, adjusted EBITDA increased 41%.

其次，調整後的 EBITDA 增長了 41%。

Third, adjusted EBITDA margin expanded to 18.5%, which represents an increase of 280 basis points from the third quarter of 2020 and marks the highest level in 4 years.

第三，調整後的 EBITDA 利潤率擴大至 18.5%，較 2020 年第三季度增加 280 個基點，為 4 年來的最高水平。

Fourth, we delivered solid free cash flow.

第四，我們提供了穩健的自由現金流。

We generated $125 million of free cash flow in the quarter.

我們在本季度產生了 1.25 億美元的自由現金流。

This is the sixth consecutive quarter of positive free cash flow.

這是連續第六個季度實現正自由現金流。

The successful execution of our NCR-as-a-Service strategy is helping to drive higher recurring revenues, expansion of EBITDA margin and more linear free cash flow production.

我們的 NCR 即服務戰略的成功執行有助於推動更高的經常性收入、擴大 EBITDA 利潤率和更線性的自由現金流生產。

And finally, the integration of Cardtronics remains on track.

最後，Cardtronics 的整合仍在進行中。

We made progress integrating the teams and going to market as a unified company.

我們在整合團隊和作為一個統一的公司進入市場方面取得了進展。

We are more enthusiastic than ever.

我們比以往任何時候都更加熱情。

We are well positioned to accelerate the NCR-as-a-Service strategy and further shift NCR's revenue mix to software, services payment including recurring revenues.

我們有能力加速 NCR 即服務戰略，並進一步將 NCR 的收入組合轉移到軟件、服務支付，包括經常性收入。

Now moving to Slide 5. We executed extremely well in the third quarter, driving progress towards NCR-as-a-Service.

現在轉到幻燈片 5。我們在第三季度的表現非常出色，推動了 NCR 即服務的進展。

We have strong momentum across our strategic growth platforms, which support our transition to shift NCR to a software platform and payments company.

我們的戰略增長平台勢頭強勁，支持我們將 NCR 轉變為軟件平台和支付公司。

In Banking, we continue to have a positive momentum in our digital banking platform.

在銀行業，我們的數字銀行平台繼續保持積極勢頭。

In the third quarter, Digital Banking had 22 renewals, 3 new logo deals and 8 new product sales to existing clients, all positive drivers of growth.

第三季度，數字銀行向現有客戶進行了 22 次續訂、3 次新標識交易和 8 次新產品銷售，這些都是增長的積極推動力。

Demand has been strong for our business banking platform as well as for the online digital account opening.

對我們的商業銀行平台以及在線數字開戶的需求一直很強勁。

The digital account opening, which we obtained through the acquisition of Terafina earlier this year, NCR can now onboard a broad array of accounts across multiple channels.

我們在今年早些時候通過收購 Terafina 獲得了數字賬戶開立，現在 NCR 可以跨多個渠道註冊廣泛的賬戶。

I am pleased with the progress we have made returning Digital Banking to a growth engine for NCR.

我對我們在將數字銀行業務恢復為 NCR 增長引擎方面取得的進展感到高興。

During the third quarter, Digital Banking grew 9% over the same period last year.

第三季度，數字銀行業務同比增長 9%。

We are receiving increased interest in our ATM-as-a-Service solution.

我們對我們的 ATM 即服務解決方案越來越感興趣。

An integrated go-to-market model between the legacy NCR and Cardtronics teams provide a key point of competitive differentiation.

傳統 NCR 和 Cardtronics 團隊之間的集成上市模型提供了競爭差異化的關鍵點。

Liberty Bank, which is one of the largest mutual banks in the United States, selected NCR to provide end-to-end ATM-as-a-service for its ATM network, including upgrading its entire ATM fleet.

Liberty Bank 是美國最大的互助銀行之一，它選擇 NCR 為其 ATM 網絡提供端到端的 ATM 即服務，包括升級其整個 ATM 機隊。

In Retail, we continue to gain traction with our NCR Emerald software platform.

在零售業，我們繼續通過我們的 NCR Emerald 軟件平台獲得牽引力。

We have positive momentum in winning the upgrade imperative for retail POS software.

我們在贏得零售 POS 軟件升級需求方面擁有積極的勢頭。

In the third quarter, we had significant success advancing our software-defined store, which is a component of our next-gen Emerald solution.

在第三季度，我們在推進軟件定義商店方面取得了重大成功，這是我們下一代 Emerald 解決方案的一個組成部分。

It provides us the capability to start our retail clients down the path of upgrading to our next-gen cloud-based solution in a seamless, low-risk approach by accepting select micro services from our NCR eCommerce Platform in an incremental approach to transitioning to NCR's next-gen solution.

它使我們能夠以一種漸進的方式從我們的 NCR 電子商務平台接受精選的微服務以過渡到 NCR下一代解決方案。

We had 2 major software-defined store commerce platform signings during the third quarter from large clients that have installed the NCR eCommerce Platform validated the technology in a full rollout during 2021, both confirming their success with signing a 5-year subscription agreements during the third quarter, these 2, Pilot Flying J, the largest operator of travel centers in North America with 750 retail locations in 44 states; and Circle K, which operates more than 15,000 convenience stores in over 20 countries.

在第三季度，我們從安裝了 NCR 電子商務平台的大客戶那裡獲得了 2 個主要的軟件定義商店商務平台簽約，驗證了該技術在 2021 年全面推出，雙方都確認了他們在第三季度簽署了 5 年訂閱協議的成功季度，這 2 家，Pilot Flying J，北美最大的旅遊中心運營商，在 44 個州擁有 750 個零售點； Circle K 在 20 多個國家經營著 15,000 多家便利店。

In addition to the NCR eCommerce Platform, Circle K also expanded its relationship with NCR to enable the Allpoint Network across stores in 8 states.

除了 NCR 電子商務平台，Circle K 還擴大了與 NCR 的關係，以在 8 個州的商店啟用 Allpoint 網絡。

During the quarter, we also signed 17 new contracts through our digital front-end app, Freshop.

在本季度，我們還通過我們的數字前端應用程序 Freshop 簽署了 17 份新合同。

This SaaS solution helps grocers implement their own eCommerce and delivery services without expensive third-party providers.

這種 SaaS 解決方案可幫助雜貨商實施自己的電子商務和交付服務，而無需昂貴的第三方供應商。

Freshop connects to our clients through the NCR platform and provides NCR additional upsell opportunities and value-add for our retail customers.

Freshop 通過 NCR 平台連接到我們的客戶，並為我們的零售客戶提供 NCR 額外的追加銷售機會和增值。

In Hospitality, our focus on customer success and wallet share gain is proving itself in our ability to attract new customers and better service existing customers.

在酒店業，我們對客戶成功和錢包份額收益的關注證明了我們吸引新客戶和更好地服務現有客戶的能力。

NCR realized a significant upgrade in our relationship with Buffalo Wild Wings, which is part of the Inspire Brands family, entering into a 4-year contract to support Buffalo Wild Wings across 1,200 locations with subscription-based point-of-sale software, various cloud-based applications and end-to-end managed services.

NCR 實現了與 Inspire Brands 家族的 Buffalo Wild Wings 關係的重大升級，簽訂了一份為期 4 年的合同，通過基於訂閱的銷售點軟件、各種雲服務在 1,200 個地點支持 Buffalo Wild Wings基於應用程序和端到端託管服務。

In the SMB market, the momentum of Aloha Essentials, which bundles payments, software, services and hardware into a single offering, continued in the third quarter with a 102% increase in a Aloha Essentials sites over last year's same quarter.

在 SMB 市場，將支付、軟件、服務和硬件捆綁到單一產品中的 Aloha Essentials 的勢頭在第三季度繼續保持，Aloha Essentials 網站比去年同期增長了 102%。

Our Payments business continued its success during the third quarter.

我們的支付業務在第三季度繼續取得成功。

We increased the number of restaurant payment processing sites by 27% from the second quarter as well as upselling existing customers to our Payments Platform.

與第二季度相比，我們將餐廳支付處理站點的數量增加了 27%，並將現有客戶追加銷售到我們的支付平台。

During the third quarter, we signed enterprise hospitality client Sbarro to our payments platform.

在第三季度，我們將企業款待客戶 Sbarro 簽入了我們的支付平台。

This is in addition to 2 other enterprise hospitality clients Shipley and Pei Wei that we signed a payment processing deals earlier this year.

這是我們今年早些時候簽署的支付處理協議的另外兩家企業酒店客戶 Shipley 和 Pei Wei 的補充。

In summary, we have increased momentum accelerating our NCR-as-a-Service strategy across each of our business segments.

總而言之，我們在每個業務部門都加快了 NCR 即服務戰略的發展勢頭。

We continue to focus on taking care of our customers, advancing our product capability with investments in our strategic growth platforms and improving our productivity.

我們繼續專注於照顧我們的客戶，通過投資於我們的戰略增長平台來提升我們的產品能力並提高我們的生產力。

With that, let me pass it over to Tim.

有了這個，讓我把它交給蒂姆。

Thank you, Mike, and thanks to all of you joining us today.

謝謝你，邁克，也感謝今天加入我們的所有人。

To echo Mike's comments, we are very pleased with our third quarter results.

為了呼應邁克的評論，我們對第三季度的業績感到非常滿意。

We demonstrated terrific tactical execution in an uncertain business environment and significant acceleration in our more strategic growth areas.

我們在不確定的商業環境中展示了出色的戰術執行力，並在更具戰略性的增長領域顯著加速。

As a reminder, the financial close of the Cardtronics acquisition was June 21, and we received final approval from the U.K. CMA in mid-August since we last talked to you on our Q2 earnings call.

提醒一下，Cardtronics 收購的財務結束是 6 月 21 日，自我們上次在第二季度財報電話會議上與您交談以來，我們於 8 月中旬獲得了英國 CMA 的最終批准。

Today's report includes the results for the consolidated companies for the full quarter, with legacy Cardtronics now included in our Banking segment.

今天的報告包括合併後的公司整個季度的業績，傳統的 Cardtronics 現在包括在我們的銀行部門中。

Let's begin with Slide 6, which presents a top level overview of our third quarter financial performance.

讓我們從幻燈片 6 開始，它提供了我們第三季度財務業績的頂級概覽。

Starting on the top left, revenue was $1.9 billion, up $312 million or 20% versus the 2020 third quarter, driven by strong growth in both our Banking and Hospitality segments.

從左上角開始，收入為 19 億美元，與 2020 年第三季度相比增長 3.12 億美元或 20%，這得益於我們的銀行和酒店部門的強勁增長。

Normalizing for the inclusion of Cardtronics, pro forma revenue was up 3% year-over-year.

正常化加入 Cardtronics 後，備考收入同比增長 3%。

In aggregate, we had high double-digit revenue growth in our software business, which is more than sufficient to offset lower hardware revenue.

總的來說，我們的軟件業務實現了兩位數的高收入增長，這足以抵消硬件收入的下降。

While demand for hardware across all 3 segments is increasing, component availability and freight challenges constrained both revenue and profitability in self-checkout and point-of-sale.

雖然所有 3 個細分市場對硬件的需求都在增加，但組件可用性和貨運挑戰限制了自助結賬和銷售點的收入和盈利能力。

Also shown here in darker green is our mix of recurring revenue.

此處以深綠色顯示的是我們的經常性收入組合。

With the inclusion of the full quarter of Cardtronics revenue, which has a preponderance of recurring revenue, our aggregate result was up 39% and comprised 62% of revenue in the quarter.

包括整個季度的 Cardtronics 收入，其中經常性收入佔優勢，我們的總業績增長了 39%，佔本季度收入的 62%。

On a pro forma basis, recurring revenue was up 7% year-over-year.

在備考基礎上，經常性收入同比增長 7%。

In the top right, adjusted EBITDA increased $103 million or 41% year-over-year to $352 million.

在右上角，調整後的 EBITDA 同比增長 1.03 億美元或 41% 至 3.52 億美元。

Adjusted EBITDA margin rate expanded 280 basis points to 18.5%, representing a high watermark for the previous 4 years.

調整後的 EBITDA 利潤率擴大 280 個基點至 18.5%，為過去 4 年的高水位。

While I will provide a little more detail on the discussion of the segments, in general, a higher value revenue mix, cost productivity and price initiatives were together more than sufficient to overcome premium costs associated with a brutally difficult supply chain and a huge shift to recurring quarter for our Retail business.

雖然我將提供更多關於細分市場討論的詳細信息，但總的來說，更高價值的收入組合、成本生產率和價格舉措共同足以克服與殘酷困難的供應鍊和巨大轉變相關的溢價成本我們零售業務的經常性季度。

In the bottom left, non-GAAP EPS was $0.69, up $0.15 or 28% from the prior year third quarter.

在左下角，非公認會計原則每股收益為 0.69 美元，比去年第三季度增長 0.15 美元或 28%。

The Cardtronics transaction remains on track to be 20% to 25% accretive to EPS within the first full year.

Cardtronics 交易仍有望在第一個全年內為每股收益增加 20% 至 25%。

The tax rate was 28.5%, and we now expect the full year tax rate to be 28%.

稅率為 28.5%，我們現在預計全年稅率為 28%。

And finally, and maybe most importantly, we delivered another strong quarter of free cash flow with generation of $125 million.

最後，也許最重要的是，我們實現了又一個強勁的季度自由現金流，產生了 1.25 億美元。

This compares to $160 million in the third quarter of 2020, which benefited from pandemic-related temporal cash preservation actions and the timing of an insurance settlement.

相比之下，2020 年第三季度為 1.6 億美元，這得益於與大流行相關的臨時現金保全行動和保險結算的時機。

Moving to Slide 7 for our Banking segment results, which now includes the Cardtronics operations.

移動到幻燈片 7 以查看我們的銀行部門結果，其中現在包括 Cardtronics 業務。

Banking revenue increased $273 million or 35% year-over-year, driven by increases in software and services revenues that more than offset the decline in ATM hardware revenue.

銀行業務收入同比增長 2.73 億美元或 35%，這主要得益於軟件和服務收入的增長抵消了 ATM 硬件收入的下降。

We continue to successfully replace our onetime revenue that was traditionally recognized with the sale of ATM hardware with more durable, predictable and valuable software and services revenue streams.

我們繼續成功地用更持久、可預測和有價值的軟件和服務收入流來取代傳統上通過銷售 ATM 硬件來確認的一次性收入。

Subscription software TCV signed in this segment doubled from prior year, with significant increases in both annual value and duration.

在該領域簽署的訂閱軟件 TCV 比上一年翻了一番，年度價值和持續時間均顯著增加。

Banking adjusted EBITDA increased $98 million or 68% year-over-year.

銀行業調整後的 EBITDA 同比增長 9800 萬美元或 68%。

Adjusted EBITDA margin rate expanded by 450 basis points to 23%.

調整後的 EBITDA 利潤率擴大 450 個基點至 23%。

The margin increase was a result of the significant accretion from the inclusion of the Cardtronics businesses, a more profitable and valuable mix of revenue in our legacy NCR businesses as well as the cost productivity and price increases.

利潤率增長是由於包含 Cardtronics 業務的顯著增長、我們傳統 NCR 業務中更有利可圖和更有價值的收入組合以及成本生產率和價格上漲的結果。

The bottom of the slide shows our key metrics for the Banking segment.

幻燈片底部顯示了我們銀行業務部門的關鍵指標。

On the left, while current quarter wins have a typical lag to conversion and eventual revenue generation, prior period wins at Digital Banking drove a 9% year-over-year growth rate in the third quarter.

在左側，雖然當前季度的勝利通常滯後於轉換和最終創收，但數字銀行業務的前期勝利在第三季度推動了 9% 的同比增長率。

The grade of growth in digital banking has accelerated in the last several quarters.

過去幾個季度，數字銀行業務的增長速度有所加快。

We continue to expect Digital Banking to exit the year at a double-digit revenue growth rate as we lap most of the attrition caused by the 2019 customer losses.

我們繼續預計數字銀行將以兩位數的收入增長率退出今年，因為我們已經解決了 2019 年客戶流失造成的大部分流失。

Digital Banking registered users also increased 9% compared to Q3 of 2020.

與 2020 年第三季度相比，數字銀行註冊用戶也增加了 9%。

The shift to recurring revenue continues to gain traction, with recurring revenue up 71% year-over-year and 7% on a pro forma basis.

向經常性收入的轉變繼續受到關注，經常性收入同比增長 71%，在備考基礎上增長 7%。

We are extremely pleased with the first full quarter performance at Cardtronics.

我們對 Cardtronics 第一個完整季度的業績感到非常滿意。

As we continue to add and expand with financial and retail partners, we are driving more transactions over our leading ATM network in the United States.

隨著我們不斷增加和擴大與金融和零售合作夥伴的合作，我們正在通過我們在美國領先的 ATM 網絡推動更多交易。

Cash transactions on our ATMs in the U.S. were up 12% compared to the third quarter of 2020.

與 2020 年第三季度相比，我們在美國的 ATM 機上的現金交易量增長了 12%。

This strong transaction growth in the U.S. demonstrates the value of the network to our consumers, to our retailers and to our financial institutions and drove strong performance.

美國這種強勁的交易增長向我們的消費者、零售商和金融機構展示了網絡的價值，並推動了強勁的業績。

We expect to drive both traditional transaction growth and new types of transactions as we invest in expanding the capabilities of this network.

隨著我們投資擴展該網絡的能力，我們預計將推動傳統交易增長和新型交易。

Moving to Slide 8, which shows our Retail segment results.

轉到幻燈片 8，它顯示了我們的零售部門結果。

While I typically start in the top left on these charts, for this quarter in Retail, the story is really described by the bottom half of the page.

雖然我通常從這些圖表的左上角開始，但對於本季度的零售業，這個故事實際上是由頁面的下半部分描述的。

Looking at SCO revenue, which is approximately 50% hardware, as we called out in Q2, we posted a very strong Q2 growth rate due to a customer request to accelerate a $30 million self-checkout order into Q2 from the second half of the year.

看看 SCO 收入，大約 50% 是硬件，正如我們在第二季度所說的那樣，由於客戶要求從下半年開始加速到第二季度的 3000 萬美元自助結賬訂單，我們公佈了非常強勁的第二季度增長率.

That exacerbated the already sawtooth pattern.

這加劇了已經鋸齒狀的圖案。

We expect a strong Q4 for self-checkout that will result in full year 2021 growth of more than 10%.

我們預計第四季度自助結賬將強勁增長，這將導致 2021 年全年增長超過 10%。

And in the center bottom, our platform lanes, a KPI that illustrates the success of our strategy of converting our retail customers to our platform-based subscription model.

中間底部是我們的平台通道，這是一個 KPI，它說明了我們將零售客戶轉變為基於平台的訂閱模式的戰略的成功。

As you heard from Mike, we had 2 key deals at Pilot Flying J and Circle K converting to our software-defined store platform during the quarter.

正如您從 Mike 那裡聽到的，我們在 Pilot Flying J 和 Circle K 進行了 2 筆關鍵交易，在本季度轉換為我們的軟件定義商店平台。

These contracts, much like those that we have standardized on in the Banking segment, convert would-be onetime perpetual sales into a multiyear subscription-based revenue stream.

這些合同，就像我們在銀行部門標準化的合同一樣，將可能的一次性永久銷售轉換為基於多年訂閱的收入流。

The nature of these contracts shifts roughly $30 million of very high profit revenue that would have previously occurred as upfront software license to revenue that now recurs over the next several years.

這些合同的性質將大約 3000 萬美元的非常高的利潤收入轉變為現在在未來幾年內重複出現的收入，這些收入以前會作為前期軟件許可出現。

Considering those 2 retiming impacts, Retail revenue declined $3 million or 1% year-over-year due to the lower hardware revenue and the shift to recurring revenue, partially offset by growth in software and services.

考慮到這兩個重定時影響，零售收入同比下降 300 萬美元或 1%，原因是硬件收入下降和轉向經常性收入，部分被軟件和服務的增長所抵消。

And similarly, retail adjusted EBITDA declined $11 million or 14% year-over-year, while adjusted EBITDA margin rate contracted 190 basis points to 12.7%.

同樣，零售調整後的 EBITDA 同比下降 1100 萬美元或 14%，而調整後的 EBITDA 利潤率收縮 190 個基點至 12.7%。

The declines are primarily driven by that shift to recurring revenue.

下降的主要原因是向經常性收入的轉變。

Recurring revenue in this business increased 4% versus the third quarter of last year.

該業務的經常性收入與去年第三季度相比增長了 4%。

Slide 9 shows our Hospitality segment results, which is participating fully in the recovery of the restaurant industry.

幻燈片 9 顯示了我們的酒店部門業績，該部門全面參與了餐飲業的複蘇。

We're seeing strong momentum across the business as we see a rebound in the enterprise market with an uptick in new restaurant openings and technology refreshes.

我們看到整個業務的強勁勢頭，因為我們看到企業市場反彈，新餐廳開業和技術更新增加。

Hospitality revenue increased $50 million or 29% as restaurants reopen, rework existing locations and expand.

隨著餐廳重新開業、對現有地點進行改造和擴張，酒店業收入增加了 5000 萬美元或 29%。

Our signed subscription total contract value in this business increased 46% from the year-ago third quarter.

我們在該業務中籤署的訂閱總合同價值比去年第三季度增長了 46%。

Our sales pipeline is getting stronger and we continue to hire to increase our feet on the street and catalyze growth.

我們的銷售渠道越來越強大，我們繼續招聘以增加我們在大街上的腳步並促進增長。

Second quarter adjusted EBITDA increased to $35 million, up 46% from the third quarter of 2020, while adjusted EBITDA margin rate expanded 180 basis points to 15.7%.

第二季度調整後 EBITDA 增至 3500 萬美元，比 2020 年第三季度增長 46%，而調整後 EBITDA 利潤率擴大 180 個基點至 15.7%。

This improved profitability was driven by higher revenue and lower operating expenses.

這種盈利能力的提高是由更高的收入和更低的運營費用推動的。

Hospitality's key metrics on the bottom of this slide include Aloha Essentials sites and recurring revenue.

這張幻燈片底部的酒店業的關鍵指標包括 Aloha Essentials 網站和經常性收入。

Aloha Essentials sites more than doubled when compared to the prior year third quarter and grew 30% sequentially.

與去年第三季度相比，Aloha Essentials 網站增加了一倍多，環比增長 30%。

And in the graph on the bottom right, recurring revenue increased 19% from last year and 7% sequentially.

在右下角的圖表中，經常性收入比去年增長了 19%，環比增長了 7%。

Turning to Slide 10, we provide our second quarter results for our 80/60/20 strategic targets.

轉到幻燈片 10，我們提供了我們 80/60/20 戰略目標的第二季度業績。

First, we strive to generate 80% of our revenue from software and services or less than 20% of our revenue from discrete hardware sales.

首先，我們努力將 80% 的收入來自軟件和服務，或者不到 20% 的收入來自離散硬件銷售。

In the third quarter, software and services represented 76% of our revenue, which is up from 71% in the year-ago quarter.

第三季度，軟件和服務占我們收入的 76%，高於去年同期的 71%。

Stepping down the page, we aim for 60% of our revenues to be recurring to drive more resilient, more predictable and more valuable revenue.

退一步說，我們的目標是 60% 的收入是經常性的，以推動更有彈性、更可預測和更有價值的收入。

With the addition of Cardtronics, we have now exceeded our goal with recurring revenue representing 62% of the total, up from 53% in last year's third quarter.

隨著 Cardtronics 的加入，我們現在已經超過了我們的目標，經常性收入佔總收入的 62%，高於去年第三季度的 53%。

And we aspire to a 20% adjusted EBITDA margin rate.

我們希望調整後的 EBITDA 利潤率達到 20%。

We made significant progress in this quarter with an adjusted EBITDA margin of 18.5% compared to 15.7% in the third quarter of 2020.

我們在本季度取得了重大進展，調整後 EBITDA 利潤率為 18.5%，而 2020 年第三季度為 15.7%。

On Slide 11, we present free cash flow, net debt and adjusted EBITDA metrics to facilitate leverage calculations.

在幻燈片 11 中，我們展示了自由現金流、淨債務和調整後的 EBITDA 指標，以方便槓桿計算。

We continued the trend of strong, more linear free cash flow.

我們延續了強勁、更線性的自由現金流的趨勢。

We generated total free cash flow of $125 million.

我們產生了 1.25 億美元的總自由現金流。

We have a strong balance sheet, ample liquidity and the financial strength to support our growth strategy.

我們擁有強大的資產負債表、充足的流動性和支持我們增長戰略的財務實力。

The increase in cash provided by operating activities was primarily driven by the effective management of our working capital, including the refinancing of our receivables asset-based revolver to provide higher availability and to make the financing nonrecourse.

經營活動提供的現金增加主要是由於我們對營運資金的有效管理，包括對我們的應收賬款資產為基礎的循環再融資以提供更高的可用性並使融資無追索權。

This provided a onetime $274 million benefit to operating cash flows.

這為經營現金流提供了一次性 2.74 億美元的收益。

We used that cash, along with our strong Q3 free cash flow, to redeem our highest coupon debt to $400 million of 8.125% bonds.

我們用這筆現金，連同我們強勁的第三季度自由現金流，將我們最高的息票債務贖回為 4 億美元的 8.125% 債券。

Taken all together, all of these efforts have reduced our average borrowing rate to 4.15%.

總而言之，所有這些努力已將我們的平均借貸利率降低至 4.15%。

This slide also shows our net debt to adjusted EBITDA metric with a pro forma leverage ratio of 3.8x.

這張幻燈片還顯示了我們的淨債務與調整後 EBITDA 指標的比率，備考槓桿率為 3.8 倍。

When we announced the Cardtronics transaction, we estimated that our pro forma leverage would be about 4.5x with a commitment to delever below 3.5 by the end of 2022.

當我們宣布完成 Cardtronics 交易時，我們估計我們的備考槓桿率約為 4.5 倍，並承諾到 2022 年底將去槓桿率降至 3.5 以下。

We are significantly ahead of the schedule due to higher-than-forecasted cash generation by both companies.

由於兩家公司的現金產生量都高於預期，我們大大提前了計劃。

We ended the third quarter with $383 million of cash and remain well within our debt covenants, which include a maximum pro forma leverage ratio of 5.5x.

我們在第三季度結束時擁有 3.83 億美元的現金，並且仍然在我們的債務契約範圍內，其中包括最高 5.5 倍的備考槓桿率。

We also have significant liquidity with about $1 billion available under our revolving credit facility.

我們還擁有大量流動性，在我們的循環信貸額度下可用約 10 億美元。

Finally, about 90 days ago, we provided guidance for the first time since the beginning of the pandemic to help you bridge your modeling efforts to an NCR that was inclusive of the Cardtronics acquisition.

最後，大約 90 天前，我們首次提供了自大流行開始以來的指導，以幫助您將建模工作與包括 Cardtronics 收購在內的 NCR 聯繫起來。

Considering the Q3 results, and the persistently challenging global supply chain, we expect to be at the lower end of those guided ranges.

考慮到第三季度的結果，以及持續充滿挑戰的全球供應鏈，我們預計將處於這些指導範圍的低端。

While we expect a 20% sequential increase in hardware revenue in Q4 and anticipate continued excess demand for both self-checkout and point of sale and some recovery from price increases on hardware, supply chain constraints will likely cause us to carry some backlog into 2022.

雖然我們預計第四季度硬件收入將連續增長 20%，並且預計自助結賬和銷售點的需求將持續過剩，並且硬件價格上漲會有所恢復，但供應鏈限制可能會導致我們將一些積壓的訂單帶到 2022 年。

For EBITDA and EPS, a little less revenue and supply chain premium costs will modestly constrain profit.

對於 EBITDA 和 EPS，收入和供應鏈溢價成本的減少將適度限制利潤。

And for free cash flow, slightly lower revenue, less linear revenue and the potential need to invest in safety stock of key components to meet customer needs early in 2022 will all impact cash generation.

對於自由現金流而言，收入略低、線性收入減少以及可能需要在 2022 年初投資關鍵部件的安全庫存以滿足客戶需求，都將影響現金產生。

With that, Mike, I'll turn it back to you.

有了這個，邁克，我會把它還給你。

Now turning to Slide 12.

現在轉到幻燈片 12。

Looking forward, our key priorities are clear.

展望未來，我們的主要優先事項很明確。

First, we expect to continue to execute well in a very difficult supply chain environment.

首先，我們希望在非常困難的供應鏈環境中繼續表現良好。

We will continue to put our customers first and deliver on our commitments while we manage through the supply chain challenges.

在應對供應鏈挑戰的同時，我們將繼續將客戶放在首位並兌現我們的承諾。

Second, we are eager to capitalize on the opportunities that Cardtronics brings us.

其次，我們渴望利用 Cardtronics 給我們帶來的機會。

We are excited to leverage Cardtronics to accelerate ATM-as-a-Service and broaden our retail business.

我們很高興能夠利用 Cardtronics 加速 ATM 即服務並擴大我們的零售業務。

Third, we are experiencing increased opportunities to accelerate NCR payments and transaction processing solutions as we go to market with a more robust offering.

第三，隨著我們以更強大的產品進入市場，我們正在經歷更多的機會來加速 NCR 支付和交易處理解決方案。

Fourth, we will continue to allocate capital to the highest growth and return opportunities with the goal of driving free cash flow and increasing returns for our shareholders.

第四，我們將繼續將資金配置到最高的增長和回報機會，以推動自由現金流和增加股東回報的目標。

Fifth, we will continue to focus on our customer satisfaction initiatives with the simple belief that happy customers will buy more solutions from NCR.

第五，我們將繼續專注於我們的客戶滿意度計劃，簡單的信念是，滿意的客戶會從 NCR 購買更多的解決方案。

We strive to garner a larger share of wallet with the mission to help our customers run the store, run the restaurant and run self-directed banking.

我們努力獲得更大份額的錢包，其使命是幫助我們的客戶經營商店、經營餐廳和經營自主銀行業務。

Our strategy of transitioning customers onto our software and payments platforms is gaining traction with customers on the platforms increasing their spend with NCR.

我們將客戶轉移到我們的軟件和支付平台的戰略正在吸引平台上的客戶，增加他們在 NCR 上的支出。

And lastly, I'd like to extend an invitation to each of you to participate in our virtual Investor Day, which is scheduled for December 9 of this year.

最後，我想邀請你們每一個人參加我們定於今年 12 月 9 日舉行的虛擬投資者日。

We are looking forward to this event and intend to take a deep dive into our strategy, our software and payment platforms and an update on our strategic goals.

我們期待此次活動，並打算深入了解我們的戰略、軟件和支付平台，並更新我們的戰略目標。

That concludes our prepared remarks for today.

我們今天準備的發言到此結束。

With that, we will open the call for questions.

有了這個，我們將打開問題的電話。

Thank you for your time.

感謝您的時間。

Operator, please open the line.

接線員，請打開線路。

(Operator Instructions) And we'll take our first question from Matt Summerville with D.A. Davidson.

（操作員說明）我們將回答 Matt Summerville 和 D.A. 的第一個問題。戴維森。

I was wondering if you could maybe first quantify the revenue and operating profit impact you saw associated with, I'm just going to generally call it supply chain-related stuff, whether it's excess freight, whether it's not being able to get components.

我想知道您是否可以首先量化您看到的與收入和營業利潤相關的影響，我只是將其概括為與供應鏈相關的東西，無論是超額運費，還是無法獲得組件。

What was the impact in Q3?

Q3有什麼影響？

And I guess, how did that compare to how you were thinking about it heading into the quarter?

而且我想，這與您進入本季度的想法相比如何？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

Let me answer it this way.

讓我這樣回答。

We talked last quarter about $40 million more cost pressure in the latter half of the year than we saw in the first.

我們在上個季度談到，今年下半年的成本壓力比第一季度多出 4000 萬美元。

So -- and we said we saw $20 million of that in the first half of the year.

所以 - 我們說我們在今年上半年看到了其中的 2000 萬美元。

So I think that adds up to $80 million of cost pressure across the year when we talked to you 90 days ago.

因此，當我們 90 天前與您交談時，我認為全年的成本壓力總計 8000 萬美元。

I think that number is closer to $100 million now.

我認為這個數字現在接近 1 億美元。

And as described, $80 million of that will take place in the latter half of the year.

如前所述，其中 8000 萬美元將在今年下半年發生。

So a lot.

所以很多。

In the last quarter, the pressure was a little higher than we thought, but it's really the fourth quarter that is most different from the last time we talked.

上個季度的壓力比我們想像的要大一些，但與上一次談話最不一樣的是第四季度。

In the third quarter, that was about 50-50 split between premium freight and cost of components.

在第三季度，溢價運費和零部件成本之間的比例約為 50-50。

As we move into the fourth quarter, freight seems to have stabilized or is increasing at a much less rapid rate, but cost of components is much higher and will likely represent 2/3 to even 75% of that pressure in the fourth quarter.

隨著我們進入第四季度，貨運似乎已經穩定下來或正在以更慢的速度增長，但組件成本要高得多，可能會占到第四季度壓力的 2/3 甚至 75%。

So it causes us then to have to make some decisions on whether the last dollar of hardware revenue is profitable enough for us to go get it.

因此，這導致我們不得不做出一些決定，以確定最後一美元的硬件收入是否足以讓我們獲得它。

So my concern is -- and the reason we walked our guidance down a little bit, is, I think, there's $50 million to $75 million of hardware revenue that we will have demand for that we're unlikely to ship, having -- once we talk with our customers and make sure the retiming is fine with them, we're unlikely to ship because of the extreme cost pressure that we hope will abate.

所以我擔心的是——我們稍微降低指導方針的原因是，我認為，有 5000 萬到 7500 萬美元的硬件收入我們將有需求，但我們不太可能出貨，有一次我們與客戶交談並確保重新安排時間對他們來說很好，由於我們希望減輕的極端成本壓力，我們不太可能發貨。

Got it.

知道了。

And then can you also just -- as my follow-up, talk about -- I know you gave some numbers and we can probably calculate it, but what was the Cardtronics revenue and adjusted EBITDA contribution to NCR in Q3?

然後你也可以 - 作為我的後續，談論 - 我知道你提供了一些數字，我們可能可以計算出來，但是第三季度 Cardtronics 的收入和調整後的 EBITDA 對 NCR 的貢獻是多少？

And how we should be thinking about that in the context of your Q4 guidance?

在您的第四季度指導的背景下，我們應該如何考慮這一點？

Yes, that's great.

是的，那太好了。

We're not breaking out Cardtronics from the Banking segment.

我們不會將 Cardtronics 從銀行部門中分離出來。

But I think in my remarks, I said on a pro forma basis, the Banking segment grew about -- we grew as a company about 3%.

但我認為，在我的發言中，我在備考基礎上說過，銀行業增長了大約——我們作為一家公司增長了大約 3%。

If you dig a little bit deeper, both businesses grew about the same year-over-year, and both businesses modestly expanded margin year-over-year.

如果你再深入一點，這兩項業務的同比增長大致相同，而且這兩項業務的利潤率同比都有適度增長。

And while we didn't report their third quarter results a year ago, they did.

雖然我們一年前沒有報告他們的第三季度業績，但他們確實報告了。

So I think you can -- I'm not able to talk about them by rule, but I think you could dig those back up.

所以我認為你可以 - 我無法按規則談論它們，但我認為你可以挖掘那些備份。

We'll take our next question from Katy Huberty with Morgan Stanley.

我們將向摩根士丹利的 Katy Huberty 提出下一個問題。

Tim, just following up on the prior conversation, can you talk about how much, if at all, backlog growth you saw in the third quarter?

蒂姆，剛剛跟進之前的談話，你能談談你在第三季度看到的積壓增長多少（如果有的話）？

And is that $50 million to $75 million of lost hardware revenue in 4Q, is that -- are you assuming that goes into backlog?

第四季度硬件收入損失了 5000 萬到 7500 萬美元，是不是 - 你假設這會積壓嗎？

Or could some of that be lost revenue that you just choose to give up to competitors?

或者其中一些可能是您選擇放棄給競爭對手的收入損失？

No.

不。

We had orders, firm orders for all of that revenue.

我們有訂單，所有這些收入的確定訂單。

It couldn't be delivered in the third quarter.

它無法在第三季度交付。

I now -- when we talked last week, we -- I think you actually pushed and said, "Hey, you usually have higher fourth quarters, a much better sequential growth, third to fourth than you're anticipating now." I actually think now we're going to see nice sequential growth Q3 to Q4, primarily driven by hardware.

我現在 - 當我們上週談話時，我們 - 我認為你實際上推動並說，“嘿，你通常會有更高的第四季度，更好的連續增長，第三到第四比你現在預期的要好。”我實際上認為現在我們將看到第三季度到第四季度的良好連續增長，主要由硬件驅動。

I think our hardware revenue will be up, as I said earlier, about 20%, Q3 to Q4, so a big step-up.

正如我之前所說，我認為我們的硬件收入將增長 20% 左右，從第三季度到第四季度，這是一個很大的提升。

The last -- let's call it, the last $50 million of revenue, will be somewhat dependent upon whether or not we can procure the components necessary to produce it at a value that makes sense to both us and our customers.

最後——我們稱之為最後 5000 萬美元的收入，將在一定程度上取決於我們是否能夠以對我們和我們的客戶都有意義的價值採購必要的組件來生產它。

So we're hopeful that all that revenue will get out.

因此，我們希望所有這些收入都能得到釋放。

If it doesn't, it will carry into the first quarter of next year.

如果沒有，它將持續到明年第一季度。

And -- but that will be the customer's agreement.

而且——但這將是客戶的協議。

Katy, to your specific point, we don't believe Customers are going elsewhere.

凱蒂，就您的具體觀點而言，我們不相信客戶會去其他地方。

We believe everybody's got the same challenges with either logistics or with supply constraints around things like chips.

我們相信每個人在物流或芯片等供應限制方面都面臨同樣的挑戰。

And so we know that, for instance, second quarter, we had some sales that others weren't able to deliver.

所以我們知道，例如，第二季度，我們有一些其他人無法實現的銷售額。

So we don't anticipate those sales going away.

因此，我們預計這些銷售不會消失。

Okay.

好的。

And are you still assuming 10% accretion from Cardtronics in the back half of this year and about $100 million of cost savings next year?

您是否還在假設今年下半年 Cardtronics 將增加 10% 的收益，明年將節省約 1 億美元的成本？

Or now that you've fully closed, have you found incremental opportunities?

或者現在您已經完全關閉，您是否找到了增量機會？

So it's already more accretive than that.

所以它已經比這更具增值性了。

So it's already tracking to -- let's say on the mid-teens accretion this quarter.

所以它已經追踪到 - 讓我們說本季度的青少年增長。

And I anticipate the same in Q4.

我預計第四季度也會如此。

And yes, we're still very much on our target of $100 million of net cost synergies in 2022.

是的，我們仍然非常接近我們在 2022 年實現 1 億美元淨成本協同效應的目標。

Okay.

好的。

And then just lastly, as you transition the business to software and payments, just focusing on payments specifically.

最後，當您將業務轉變為軟件和支付時，只專注於支付。

I think you've talked about a goal of driving penetration into your installed base of the payments offering something in the tune of 15% to 20% penetration.

我認為您已經談到了推動滲透到您的已安裝支付基礎的目標，該目標提供了 15% 到 20% 的滲透率。

Can you just talk about what that long-term goal is and where you think the penetration rates are today?

您能否談談長期目標是什麼以及您認為今天的滲透率在哪裡？

Yes.

是的。

I think we'd still view that those type -- and again, the 15% to 20% was kind of the goal against the TAM of all the transaction volume that goes through our front-end POS systems, and we felt we could capture 15% to 20% of that over time.

我認為我們仍然認為那些類型 - 再一次，15% 到 20% 是針對通過我們前端 POS 系統的所有交易量的 TAM 的目標，我們覺得我們可以捕獲隨著時間的推移，其中的 15% 到 20%。

You saw us talk about a handful of deals now where we've gone back into our customer base and upsold into enterprise accounts, particularly on the hospitality side from payment connections.

您現在看到我們談論了一些交易，我們已經回到我們的客戶群並向上銷售到企業賬戶，特別是在支付連接的酒店方面。

So we're starting to get some traction there.

所以我們開始在那裡獲得一些牽引力。

The attach rate continues to be very strong in the SMB market when we go into Aloha Essentials.

當我們進入 Aloha Essentials 時，SMB 市場的附加率仍然非常高。

So we're starting to see that success.

所以我們開始看到這種成功。

We are planning into 2022 as we've connected payments on the back end of some of the retail products that start to go into the retail side of the business as well and get some growth.

我們計劃到 2022 年，因為我們已經連接了一些零售產品的後端支付，這些產品也開始進入業務的零售方面並獲得一些增長。

And then as we look at Cardtronics and some of the things we can do by offering -- it's almost called a financial kiosk that you can place at a retailer and drive transactions through that with the Allpoint Network, continue to drive transactions and payments in that avenue as well.

然後，當我們查看 Cardtronics 以及我們可以通過提供的一些事情時——它幾乎被稱為金融亭，您可以將其放置在零售商處並通過 Allpoint 網絡推動交易，繼續推動交易和支付大道也。

We'll take our next question from Dan Perlin with RBC Capital Markets.

我們將回答 Dan Perlin 與 RBC 資本市場的下一個問題。

Tim, can I just ask a question on the adjusted EBITDA margins at 18.5%.

蒂姆，我能問一個關於調整後 EBITDA 利潤率為 18.5% 的問題嗎？

You rattled off a bunch of things, pricing, cost, positive mix.

你喋喋不休地談了一堆東西，定價，成本，積極的組合。

I guess the question here, I'm kind of wondering is if you kind of look at what you had to absorb in terms of kind of supply chain costs and yet still put up this margin, like what would be a more normalized adjusted EBITDA margin in the context of adjusting for the supply chain issue?

我想這裡的問題是，我有點想知道，如果你看看你必須在供應鏈成本方面吸收什麼，但仍然提出這個利潤率，比如更正常化的調整後 EBITDA 利潤率在調整供應鏈問題的背景下？

And then the second part of the question is, if pricing is part of it, where are you taking up price in an environment where you can't deliver the goods to clients?

然後問題的第二部分是，如果定價是其中的一部分，那麼在您無法將商品交付給客戶的環境中，您在哪裡接受價格？

Like I'm just wondering how they're receptive to price increases?

就像我只是想知道他們如何接受價格上漲？

Well, no.

嗯，不。

Yes.

是的。

No.

不。

Remember, we did deliver the goods.

請記住，我們確實交付了貨物。

To be clear, we didn't deliver some revenue in the second quarter, but it was less than $50 million in that quarter -- in the third quarter.

需要明確的是，我們在第二季度沒有提供一些收入，但在該季度 - 在第三季度，它不到 5000 萬美元。

And maybe I just intimated there might be some more in the fourth.

也許我只是暗示第四節可能會有更多。

But any revenue that wasn't delivered in the quarter, we cleared with the customer first.

但本季度未交付的任何收入，我們首先與客戶結清。

So the price increases, in some instances, are choices that we make with the customer, meaning if it costs a lot of expedite freight -- expedited freight to get that product here, we'll ask the customer whether or not it's worth it for them to expend those dollars.

因此，在某些情況下，價格上漲是我們與客戶一起做出的選擇，這意味著如果它需要花費大量的加急運費 - 加急運費才能將產品送到這裡，我們會詢問客戶是否值得他們花費這些美元。

We have -- up until this point, we don't believe we've slowed down the strategic progress and implementation of any of our customers.

我們 - 到目前為止，我們認為我們沒有放慢任何客戶的戰略進展和實施。

I don't know, Owen, if you want to...

我不知道，歐文，如果你想...

Yes, Dan, this is Owen.

是的，丹，這是歐文。

The comment I would make is that the conversations with our customers are pretty transparent right now, and I would say highly collaborative.

我想說的是，現在與我們客戶的對話非常透明，我想說高度協作。

This is not unique to NCR.

這不是 NCR 獨有的。

You all know it.

你們都知道。

We all see it.

我們都看到了。

We see it in our personal and professional space.

我們在個人和專業領域看到了它。

The supply chain is impacting everyone.

供應鏈正在影響每個人。

What we have been able to do is comfortably say we are not missing any material commitments on behalf of our customers.

我們能夠做的就是輕鬆地表示我們不會代表我們的客戶遺漏任何實質性承諾。

I'd say, additionally, the quality that we're delivering continues to improve.

另外，我想說的是，我們提供的質量繼續提高。

So despite challenges within the supply chain, we've responded there.

因此，儘管供應鏈存在挑戰，但我們已經做出了回應。

And then from a cost standpoint, we have been very transparent about the cost to deliver and having conversations with our customers that if, in fact, you need, we're willing to deliver at this level of surcharge or incremental cost to you.

然後從成本的角度來看，我們對交付成本非常透明，並且與我們的客戶進行了對話，如果您確實需要，我們願意以這種附加費或增量成本水平向您交付。

We've had very good conversations where the customer said, let's push this off.

在客戶說的地方，我們進行了非常好的對話，讓我們推遲吧。

It's not worth the additional costs, and we'll continue to have those conversations.

額外的費用不值得，我們將繼續進行這些對話。

This pressure is not going to go away.

這種壓力不會消失。

Our customers are not surprised by it.

我們的客戶對此並不感到驚訝。

I think what they are comfortable with is that we have been able to deliver where they need us to deliver.

我認為他們感到滿意的是，我們能夠在他們需要我們交付的地方交付。

And we're pretty comfortable that as we go through the fourth quarter, we're going to continue to be able to meet the demand, and we'll continue to have these conversations.

我們很滿意，隨著第四季度的到來，我們將繼續能夠滿足需求，我們將繼續進行這些對話。

So I actually think it's helped in terms of our relationship with our customer base right now.

所以我實際上認為這有助於我們現在與客戶群的關係。

And back to your question on margin, the mix of revenue this quarter was very advantageous.

回到你關於利潤率的問題，本季度的收入組合非常有利。

When we sell less hardware and more software, and I said software revenue is up over 10%, it's a great outcome from a profitability perspective.

當我們銷售更少的硬件和更多的軟件時，我說軟件收入增長了 10% 以上，從盈利能力的角度來看，這是一個很好的結果。

That goodness, I think, was offset by some of the pressure we just described.

我認為，這種好處被我們剛剛描述的一些壓力所抵消。

As we go into Q4, I think the pressure on cost will increase a bit.

隨著我們進入第四季度，我認為成本壓力會有所增加。

I also know that our pricing actions, which are across the board, across all of our product set and all of our services will help considerably against that cost escalation in Q4.

我也知道，我們所有產品系列和所有服務的全面定價行動將大大有助於應對第四季度的成本上漲。

And I'd anticipate margin rate as we go into the fourth quarter to look a lot like what we just posted with those 2 effects offsetting one another.

當我們進入第四季度時，我預計保證金率看起來很像我們剛剛發布的，這兩種影響相互抵消。

But to your point, as we go into 2022, I believe if we can keep all of these gains from a productivity perspective we've been working on, and we see our pricing effects take hold.

但就您的觀點而言，隨著我們進入 2022 年，我相信如果我們能夠從我們一直在努力的生產力角度保持所有這些收益，並且我們會看到我們的定價效應站穩腳跟。

We should have some, let's say, the wind in our back when and if the cost pressures abate.

比如說，當成本壓力減輕時，我們應該有一些支持。

Got it.

知道了。

Can I just ask a quick follow-up on -- another question rather, just on Digital Banking.

我可以問一個關於數字銀行的快速跟進 - 另一個問題。

I think you said you called out 3 new logo wins.

我想你說你贏得了 3 次新的標誌勝利。

As we think about just the implementation cycle for Digital Banking, I'm just wondering, are there any air pockets as we look out over the next 3, 4 or 5 quarters that would just be created because of maybe delays in original new logo wins previously?

當我們只考慮數字銀行的實施週期時，我只是想知道，在我們展望接下來的 3、4 或 5 個季度時，是否會因為原始新徽標獲勝可能延遲而產生任何氣穴之前？

Like obviously, it's getting recognized in the revenues now, but I just want to make sure we're not missing anything on that line item as well.

顯然，它現在已在收入中得到認可，但我只是想確保我們也不會錯過該項目的任何內容。

No, Dan, I think Digital Banking is very stable to the extent you're adding more customers, adding more accounts quarter-to-quarter.

不，丹，我認為數字銀行非常穩定，因為您增加了更多客戶，每季度增加更多賬戶。

The only thing you have is if you get consolidation in the marketplace that you don't anticipate.

您唯一擁有的是，如果您在市場上獲得了您未預料到的整合。

So going forward, we came off of a what we described as kind of the bottom last year in 2020 and that we felt we would grow back in 2021.

因此，展望未來，我們在去年的 2020 年擺脫了我們所說的谷底，我們認為我們會在 2021 年恢復增長。

We're seeing that.

我們看到了。

And then we've talked about 2022 even getting a higher growth, low double digits.

然後我們談到了 2022 年甚至會獲得更高的增長，低兩位數。

So we feel good, as I mentioned, the fact that we got Digital Banking back to growth, showing up in the financials.

因此，正如我所提到的，我們感覺很好，我們讓數字銀行業務恢復增長，並出現在金融領域。

It's also showing up in the marketplace as we are winning deals and having success cross-selling to our base.

隨著我們贏得交易並成功向我們的基地進行交叉銷售，它也出現在市場上。

We'll take our next question from Kartik Mehta with Northcoast Research.

我們將向 Northcoast Research 的 Kartik Mehta 提出下一個問題。

Mike, just thoughts on this logistics issue.

邁克，關於這個物流問題的想法。

And I know you said it's not impacting current orders, but are you seeing any impact on future orders or maybe customers taking a pause because they know that products aren't going to be delivered on time?

而且我知道您說這不會影響當前訂單，但是您是否看到對未來訂單有任何影響，或者客戶可能因為知道產品不會按時交付而暫停？

Yes.

是的。

I guess with most of -- I mean, Owen talked about it, too, customers are doing -- if you think about hospitality or even retail, some refreshes, rolling through stores, rolling through restaurants that maybe they didn't get to last during the pandemic.

我想大多數人——我的意思是，歐文也談到了它，客戶正在做——如果你考慮酒店業甚至零售業，一些刷新，在商店裡翻滾，在餐館裡翻滾，也許他們沒能堅持下去疫情期間。

So we've seen some of that during the year.

因此，我們在這一年中看到了其中的一些。

In some instances, they might put off a refresh.

在某些情況下，他們可能會推遲更新。

We are working very aggressively, particularly around new store openings.

我們正在非常積極地工作，尤其是在新店開業期間。

And to Owen's point, we haven't disappointed anyone with the inability to deliver.

就歐文而言，我們沒有讓任何無法交付的人失望。

So we've delivered when we've needed to, we've prioritized.

因此，我們已經在需要時交付了，我們已經確定了優先級。

We've made trade-offs with clients when -- timing and cost, if the cost of expediting, the cost of getting something in to accelerate the time frame, they decide they don't want to pay the cost, we've chosen not to eat that.

我們已經與客戶進行了權衡 - 時間和成本，如果加快成本，加快時間框架的成本，他們決定他們不想支付成本，我們選擇不要吃那個。

And again, they've been very responsive and receptive to that.

再一次，他們對此非常敏感和樂於接受。

So I -- we just haven't seen that where they've got an order, we can't fill it and they run and have somebody else do it.

所以我 - 我們只是沒有看到他們有訂單的地方，我們無法履行它，他們跑並讓其他人去做。

We have very open dialogue around timing, around cost, around availability.

我們圍繞時間、成本和可用性進行了非常開放的對話。

We've prioritized, I think, our team, Owen and Adrian and the team have done a great job of saying, "When you need to open a new store, we'll get you the components, we'll get you the parts, we'll get your store opened."

我認為，我們已經優先考慮了我們的團隊，歐文和阿德里安以及團隊做得很好，他們說：“當你需要開一家新店時，我們會給你組件，我們會給你零件，我們會讓你的商店開張。”

And then, Tim, you talked about this $100 million extra cost and some of the freight costs abating and obviously, some of the other costs have accelerated.

然後，蒂姆，你談到了這 1 億美元的額外成本和一些運費的減少，顯然，其他一些成本已經加速。

I'm wondering, as you look into 2022, how much of the $100 million can you recapture because of pricing, the power that you're going to have and maybe some of these costs abating?

我想知道，當您展望 2022 年時，由於定價、您將擁有的權力以及其中一些成本的降低，您能從 1 億美元中收回多少？

Yes.

是的。

So I think the initiatives we currently have underway will be sufficient to offset $100 million of inflation next year.

所以我認為我們目前正在進行的舉措將足以抵消明年 1 億美元的通貨膨脹。

I don't know what will happen next year for inflation.

我不知道明年會發生什麼通貨膨脹。

So we'll put plenty of productivity initiatives in place and Adrian and his team will go out and help us -- as costs start to drop around steel or plastic resins and things, we'll start to claw back what we can.

因此，我們將採取大量的生產力舉措，阿德里安和他的團隊會出去幫助我們——隨著鋼鐵或塑料樹脂和其他東西的成本開始下降，我們將開始盡可能地收回成本。

I think the bigger concern in 2022 will be labor inflation.

我認為 2022 年更大的擔憂將是勞動力通脹。

We've just not seen much in the way of labor inflation yet, and what we have seen has been offset by higher attrition rates.

我們還沒有看到太多的勞動力通脹，我們所看到的已經被更高的離職率所抵消。

And so as you go into 2022, I think we and many other companies are going to have to think long and hard about what is the rate of inflation both here and importantly, in some of the lower-cost locations where we manufacture and support.

因此，當您進入 2022 年時，我認為我們和許多其他公司將不得不長期認真地思考這裡的通貨膨脹率，重要的是，在我們製造和支持的一些低成本地區。

So we'll be ready for that, but it's a little hard to say now what that challenge will be and therefore, whether or not we can overcome it.

所以我們會為此做好準備，但現在很難說挑戰將是什麼，因此，我們是否能夠克服它。

But I feel really good about the initiatives we currently have underway.

但我對我們目前正在進行的舉措感覺非常好。

And I think we'll start to see the fruits of those in the fourth quarter.

我認為我們將在第四季度開始看到這些成果。

And Kartik, if we had talked last quarter around initiating price increases to cover the costs that we're seeing on the supply chain or costs we're seeing on the ability to get logistics and transport components.

還有 Kartik，如果我們在上個季度談到開始提價以支付我們在供應鏈上看到的成本或我們在獲得物流和運輸組件的能力上看到的成本。

We're starting to pass those on we hope that those will all move, that those will stick, that those will offset.

我們開始傳遞這些，我們希望它們都會移動，那些會堅持下去，那些會抵消。

And as we go through the quarter, I think we'll get more experience as to what's going to happen.

隨著我們度過這個季度，我認為我們將獲得更多關於將會發生什麼的經驗。

I think the word that we used last quarter were this is not unique to NCR.

我認為我們上個季度使用的詞是這不是 NCR 獨有的。

So whether it's supply chain or whether it's a logistics cost, all of our competitors are seeing the same phenomena.

所以無論是供應鏈還是物流成本，我們所有的競爭對手都看到了同樣的現象。

So we don't -- we -- I guess, we would expect that the marketplace will have to adjust.

所以我們不 - 我們 - 我想，我們預計市場將不得不進行調整。

The price increases we're planning to pass through, people will understand that, that's the way they're going to have to pay to get the components, to get the supplies, to get the hardware that we're delivering.

我們計劃通過的價格上漲，人們會明白，這是他們必須支付的方式來獲得組件，獲得供應，獲得我們提供的硬件。

So we have -- we expect it to stick.

所以我們有 - 我們希望它堅持下去。

We just don't have -- we haven't done that yet.

我們只是沒有——我們還沒有這樣做。

We haven't passed it all through yet at this point.

在這一點上，我們還沒有通過它。

(Operator Instructions) We'll hear next from Ian Zaffino with Oppenheimer.

（操作員說明）接下來我們將聽到 Ian Zaffino 和 Oppenheimer 的講話。

I guess a lot of talk on the cost side and also on the supply side.

我想有很多關於成本方面和供應方面的討論。

Can you just talk about maybe some of your customer conversations that you're having now maybe on the SCO side, in particular.

您能否談談您現在可能在 SCO 方面進行的一些客戶對話，特別是。

As they look to try to abate labor inflation and some of the other inflation, how are the talks going as far as your ability to sell more SCOs, et cetera?

當他們試圖降低勞動力通脹和其他一些通脹時，就你出售更多 SCO 等的能力而言，談判進展如何？

Or is it sort of -- that's not necessarily a factor right now?

或者是不是——現在這不一定是一個因素？

Well, I mean I think you hit it on the head there.

好吧，我的意思是我認為你在那裡擊中了它的頭部。

The self-service, whether it's self-checkout in the retail space, whether it's things we do in a restaurant to order a table, pay a table, whether it's things we do, quite frankly, in the banking industry with self-service or self-directed banking, all of those have been in even more demand.

自助服務，無論是零售空間的自助結賬，無論是我們在餐廳點餐、付款，還是我們做的事情，坦率地說，在銀行業的自助服務或自主銀行業務，所有這些都更加需要。

You had demand during the pandemic around maybe the desire not to have somebody else touch their goods and services.

在大流行期間，您可能希望不讓其他人接觸他們的商品和服務。

At this point, it is almost entirely driven by cost of labor or the ability to get labor.

在這一點上，它幾乎完全由勞動力成本或獲得勞動力的能力驅動。

And so I think particularly in retail, there's been a lot of desire, big box stores have done it.

所以我認為特別是在零售業，有很多願望，大賣場已經做到了。

Grocery stores are doing it, convenience, fuel stores are aggressively moving to deploy self-checkout.

雜貨店正在這樣做，便利店、燃料店正在積極部署自助結賬。

So we're seeing that quite frankly, across the board.

因此，我們坦率地看到了這一點。

Yes, I'd like to add we do expect total SCO revenue to be up double digits this year for the full year.

是的，我想補充一點，我們確實預計今年全年 SCO 總收入將增長兩位數。

And that does conclude today's question-and-answer session.

這確實結束了今天的問答環節。

I'd like to turn the conference back over to Mr. Hayford for any additional or closing remarks.

我想將會議轉回給海福德先生，以獲取任何補充或結束語。

Just want to thank everybody again for joining us today.

只想再次感謝大家今天加入我們。

We continue to focus on our customers.

我們繼續專注於我們的客戶。

We've had that focus for the last 3 years.

在過去的 3 年中，我們一直關注這一點。

And I think third quarter was a great example on that focus, our ability to deliver on our commitments.

我認為第三季度是一個很好的例子，說明了我們兌現承諾的能力。

In an environment that is still somewhat challenged, challenged literally around the globe by the pandemic, whether it's supply chains or whether it's our ability to get back to work in the offices as we had done prior, our whole management team here is very proud of the work that our team has done, our employees around the globe in working in this challenging environment.

在一個仍然受到一定挑戰的環境中，無論是供應鏈，還是我們像以前那樣回到辦公室工作的能力，我們這裡的整個管理團隊都非常自豪我們團隊所做的工作，我們在全球各地的員工在這個充滿挑戰的環境中工作。

And again, really putting that focus in delivery for our customers.

再一次，真正把重點放在為我們的客戶提供服務上。

I think as exciting or as important for us during the third quarter, we continue to make very strong progress on our strategic goals, increase -- including increasing our recurring revenue percentages, increasing growth on our strategic platforms that we have shared around our KPIs and improving our EBITDA margin and improving our free cash flow on a year-over-year basis.

我認為在第三季度對我們來說同樣令人興奮或同樣重要的是，我們繼續在我們的戰略目標上取得非常強勁的進展，增加——包括增加我們的經常性收入百分比，增加我們圍繞 KPI 共享的戰略平台的增長，以及提高我們的 EBITDA 利潤率並逐年改善我們的自由現金流。

So again, third quarter, even though through the challenges, we felt really good about where we ended up particularly around our strategic initiatives and our financial performance.

因此，第三季度，儘管面臨挑戰，但我們對最終的結果感到非常滿意，特別是在我們的戰略計劃和財務業績方面。

And then finally, just a reminder again, please join us on December 9 for our Investor Day, where we will update you on our strategic plans and our progress.

最後，再次提醒一下，請在 12 月 9 日加入我們的投資者日，屆時我們將向您介紹我們的戰略計劃和進展。

Thank you again for joining us today.

再次感謝您今天加入我們。

Thank you.

謝謝你。

That does conclude today's conference.

今天的會議到此結束。

We do thank you all for your participation, and you may now disconnect.

我們非常感謝大家的參與，您現在可以斷開連接。